Installment Loans in Calhoun, Kentucky

Installment Loans in Calhoun, Kentucky: What You Need to Know

If you’re considering taking out an installment loan in Calhoun, Kentucky, you’re not alone. Many people in the state turn to installment loans to get the financial help they need to cover expenses, emergencies, or unexpected bills.

In Kentucky, installment loans are legal and regulated by state law. But before you apply for an installment loan, it’s important to understand what it is, how it works, and what to expect.

What are Installment Loans?

An installment loan is a type of loan that allows you to borrow money and pay it back over time in fixed payments, or installments. Unlike payday loans, which are due in full on your next payday, installment loans give you more flexibility to repay the loan according to a schedule that works for you.

Installment loans typically have higher loan amounts, longer repayment terms, and lower interest rates than payday loans, making them a more affordable option for borrowers who need to borrow larger sums of money.

How Do Installment Loans Work in Calhoun, Kentucky?

In Calhoun, Kentucky, installment loans are regulated by state law, which sets the maximum amount you can borrow, the maximum interest rates that can be charged, and the repayment terms of the loan.

The repayment terms of an installment loan in Kentucky generally range from six to 60 months, depending on the amount borrowed and your creditworthiness.

The interest rates on installment loans in Calhoun, Kentucky vary depending on the lender, but are typically lower than those on payday loans, making them a more affordable option for borrowers who need to borrow larger sums of money.

What Are the Requirements for Getting an Installment Loan in Calhoun, Kentucky?

To be eligible for an installment loan in Calhoun, Kentucky, you must be at least 18 years old, have a valid government-issued ID and a bank account, and have a steady source of income. Some lenders may also require a minimum credit score or a certain debt-to-income ratio.

When you apply for an installment loan in Calhoun, Kentucky, you’ll need to provide proof of income, such as a recent pay stub or bank statement, and proof of address, such as a utility bill or lease agreement.

Interesting Facts and Statistics about Installment Loans in Calhoun, Kentucky

• According to the Kentucky Department of Financial Institutions, there were over 200 storefronts offering payday and installment loans in the state in 2019.
• The average amount borrowed in an installment loan in Kentucky is $1,450, according to a report by Pew Charitable Trusts.
• In 2020, Kentucky lawmakers passed a bill that would cap interest rates on installment loans at 36%, making them more affordable for borrowers.

Apply Now

If you’re considering getting an installment loan in Calhoun, Kentucky, TheGuaranteedLoans can help you connect with potential lenders who can provide you with the financial assistance you need. Simply fill out our online application form, and we’ll match you with lenders who can meet your needs. Remember, TheGuaranteedLoans is a connector service, not a direct lender, so we don’t make credit decisions or lend money directly. Apply now and get the financial help you need today.